In what is one of the biggest global acquisitions to be announced this year, Marathon Petroleum Corp. has agreed to sell its chain of Speedway convenience stores and gas stations to 7-Eleven for $21 billion in cash. The transaction is expected to close in the first quarter of 2021, subject to customary closing conditions and regulatory approvals.
The deal includes about 3,900 convenience stores.
"This acquisition is the largest in our company's history and will allow us to continue to grow and diversify our presence in the US, particularly in the Midwest and East Coast," said Joe DePinto, president and CEO of 7‑Eleven.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
